Rockcliff Acquires Dickstone VMS Mine at Snow Lake

Trading Symbol RCR: TSXV

TORONTO, Feb. 22 /CNW/ - Rockcliff Resources Inc. (RCR: TSXV) is pleased to announce that it has signed an option agreement to acquire a 100% interest in the former producing Dickstone VMS (copper-zinc) Mine located 30km west of Snow Lake, Manitoba from Xstrata Copper Canada, a division of Xstrata Canada Corporation (Xstrata). 

The Dickstone Mine property is strategically located within the Snow Lake Mining Camp and in close proximity to Rockcliff's Lon VMS (copper-gold) Deposit and Rail VMS (copper-gold) Deposit.  The property covers a total of 1,056 hectares and is hosted within the Flin Flon greenstone belt, one of the most prolific and the largest Paleoproterozoic VMS (copper, gold, zinc, silver) district in the world.

Rockcliff's President and CEO Ken Lapierre commented, "The acquisition of the Dickstone VMS Mine in the Snow Lake Camp is significant for Rockcliff and is in line with our strategy of adding properties rich in copper, zinc, gold and silver that can add to our growing resource base in the camp. The Dickstone Mine's proximity to our Rail and Lon VMS Deposits gives us a strategic advantage of adding additional resources in a concentrated area thereby assisting in the economics of the region.  Initial exploration at Dickstone will focus on data compilation followed by geophysics and drilling".

The Dickstone Deposit was discovered in 1936 and production began in 1970 from two VMS-rich zones (one copper, the other zinc).  Two-350m deep production shafts hoisted ore between 1970 and 1975.  The mine was shut down due to low commodity prices.  Combined 5 year production figures are tabulated below.

Tonnes Copper/pounds Zinc/pounds Silver/ounces Gold/ounces
775,210 2.46%/42,000,000 3.12%/53,000,000 12.50g/t/311,000 0.34g/t/8,500

At closure, the following additional historical resources were present below the underground workings at the Dickstone Mine:  

Deposit Tonnes Copper Zinc Silver Gold
Dickstone #1 143,800 3.29% 0.60% 7.5g/t 0.20g/t
Dickstone #2 164,900 1.50% 7.10% 13.4g/t 0.40g/t

Both the copper (Dickstone #1) and zinc (Dickstone #2) rich deposits are open at depth.  The historical resources were documented in the 1975 annual report for Dickstone Copper Mines Ltd. and in the Mineral Deposit Series completed by the Manitoba Energy and Mines Geological Services in 1996. Although the resources are viewed as reliable and relevant based on the information and methods used at the time they do not satisfy the requirements set out by NI 43-101.  Neither Rockcliff nor its Qualified Persons have done sufficient work to classify the historical estimates as current mineral resources and are not treating the historical estimates as current mineral resources.  The historical resources should not be relied upon.

To earn a 100% working interest in the property, Rockcliff must pay Xstrata $50,000 cash on signing and incur aggregate, escalating exploration and reclamation expenditures totalling $3.5M over a four year period with a minimum of 12,500 metres of drilling.  If Rockcliff earns its interest in the property, Xstrata will retain a 2% Net Smelter Return Royalty.  In its first year of the option, Rockcliff must spend $500,000 on exploration.  Once Rockcliff has earned its 100% interest in the property, Xstrata has a buy back right to acquire a 51% interest in the property by paying cash to Rockcliff totalling three times Rockcliff's work expenditures.  Xstrata can increase its interest to 70% (an additional 19%) by either completing a Feasibility Study or expending no less than $10,000,000 on Feasibility Study Expenditures.  In order for Xstrata's buy back right to take effect, Rockcliff must discover at least 500,000 tonnes of copper equivalent (NI 43-101 compliant).

Ken Lapierre P.Geo., President and CEO of Rockcliff Resources Inc., and Mark Smethurst P.Geo., VP Exploration of Rockcliff Resources Inc., are Qualified Persons in accordance with Canadian regulatory requirements as set out in NI 43-101, and are responsible for the information in this press release.

Rockcliff Resources Inc.
Rockcliff Resources Inc. is a Canadian resource exploration company focused on discovery and advancement of its high-quality mineral assets at its Snow Lake Project. Rockcliff presently controls the Snow Lake Project totalling in excess of 600 km2 located within and proximal to the Snow Lake Mining Camp.  The project presently includes the former Dickstone VMS Mine and Spruce Point VMS Mine,  the NI 43-101 compliant Rail Copper-Gold Deposit, three historic VMS (copper-gold) deposits (Lon, Reed and Kof), the Tower VMS(copper-gold) Prospect, a former gold mine (Century Mine), one gold deposit (C-Zone) as well as additional areas with potential for VMS (copper-rich) and gold mineralization.  Rockcliff also controls the Black Gold Property and the NI 43-101 compliant Shihan Silver-Zinc Deposit in northern Ontario.

Forward Looking Statement:

Some of the statements contained herein may be forward-looking statements which involve known and unknown risks and uncertainties.  Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward looking statements that involve various risks.  The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward looking statements: changes in the world wide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and the uncertainty of access to additional capital. There can be no assurance that forward-looking statements will prove to be accurate as actual results and future events may differ materially from those anticipated in such statements.  Rockcliff undertakes no obligation to update such forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on such forward-looking statements.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Rockcliff Resources Inc.

For further information:

please visit www.rockcliffresources.com or contact Ken Lapierre, P.Geo., President and CEO of Rockcliff Resources Inc. at (416) 863-9800 or by email at klapierre@rockcliffresources.com

Profil de l'entreprise

Rockcliff Resources Inc.

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